51 Other refundable tax offsets

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Conservation tillage refundable tax offset

The government has introduced a refundable tax offset for purchase of an eligible no-till seeder (‘eligible seeder’) used in conservation tillage farming practices. Qualifying primary producers may be entitled to a refundable tax offset of 15% of the cost of an eligible seeder. The refundable tax offset is only available for eligible seeders installed ready for use between 1 July 2012 and 30 June 2015.

To be entitled to claim the refundable tax offset, the primary producer must hold a Research Participation Certificate for the relevant income year. These certificates are issued by the Department of Agriculture, Fisheries and Forestry.

A qualifying trustee can claim the conservation tillage refundable tax offset by completing this label. The offset will be used to reduce any tax otherwise payable by the trustee. Any excess tax offset is refundable.

Show at G the total of the offset, which is the total cost of the asset multiplied by 15% and print C in the code box. The trustee will claim the offset; it does not flow directly to the beneficiaries of the trust.

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